REPORT. STATE OF NEW YORK: BOARD OF RAILROAD COMMISSIONERS, ALBANY, January 8, 1906. To the Honorable the Legislature of the State of New York: Pursuant to the requirements of the Railroad Law, the Board of Railroad Commissioners submits its twenty-third annual report. STEAM SURFACE RAILROADS. The statements under this title all refer to what are known as steam surface railroad companies (a small portion of the mileage being operated by electricity exclusively and a small portion of the mileage being operated by both steam and electricity). The figures given are from the reports of such companies (published in the second volume of this report) for the fiscal year ending June 30, 1905, except where otherwise stated. It must be borne in mind that many of the companies reporting to this State also operate in other states and their reports to this State include the figures for their entire business in other states as well as in this. The comments refer to matters up to the time of writing this report. Street surface and elevated railroads are referred to under their respective titles. General Situation. The gross earnings from operation of the steam surface railroad companies reporting to this State for the year ending June 30, 1905, were $348,813,233.45; the gross earnings from operation for the year ending June 30, 1904, were $334,434,456.34; an increase in gross earnings from operation in 1905 over 1904 of $14,378,777.11. The increase in gross earnings from operation in 1904 over 1903 was $12,883,886.74. Operating expenses in 1905 were $247,922,018.43; operating expenses in 1904 were $240,186,437.37; an increase in 1905 over 1904 of $7,735,581.06. In 1904 operating expenses increased over operating expenses in 1903, $13,195,357.76, which over-balanced the increase in gross earnings from operation in 1904 over 1903. Net earnings from operation in 1905 were $100,891,215.02; net earnings from operation in 1904 were $94,248,018.97; an increase in net earnings from operation of $6,643,196.05. Net earnings from operation in 1904 were $311,471.02 less than in 1903. The percentage of operating expenses to gross earnings from operation decreased .75 per cent., compared with 1904; in 1904 this percentage increased 1.23 per cent. over 1903. It will thus be seen that the increase in percentage of operating expenses to gross earnings from operation, which has been steady since 1900, has this year changed. Earnings per passenger per mile decreased and expenses per passenger per mile increased, making the profit per passenger per mile .042 cents less than in 1904; in 1904 profit per passenger per mile decreased .02 cents, compared with 1903. The earnings per passenger train mile increased, as did the expenses also, leaving the profit per passenger train mile 2 cents less than in 1904. Earnings per ton of freight per mile decreased .01 cents, expenses decreased .02 cents, leaving the profit increased .01 cents, compared with 1904, this profit coming from decrease in expenses. Earnings per freight train mile increased 10 cents, expenses increased one cent, leaving the profit increased 9 cents. The distribution of operating expenses between passengers and freight is the result of estimates made by the companies. In 1905 income from other sources than operation was $20,428,782.64; in 1904 it was $18,965,293.10. In 1905 the interest paid and accrued was $43,579,974.50; in 1904, $41,744,668.08. In 1905 the taxes paid and accrued were $12,353,402.92; in 1904, $11,829,316.53. In 1905 the dividends declared were $32,066,181.13; in 1904, $30,858,072.10. The percentage of dividends declared to capital stock was 3.51 in 1905; in 1904 it was 3.42. The total capital stock of the companies in 1905 was $913,489,998.63; in 1904, $902,279,698.63. The percentage of interest paid and accrued to funded debt was 4.17 in 1905; in 1904, 4.26. The total funded. debt of the companies in 1905 was $1,044,987,719.39; in 1904, $980,033,992.75. During the three months ending September 30, 1905, compared with the corresponding months in 1904 (of the principal companies), there is an increase in gross earnings from operation of $7,052,932.94; an increase in operating expenses of $6,321,817.99; and an increase in net earnings from operation of $731,114.95. Following will be found a table showing gross earnings from operation, and mileage, reported by the companies reporting to this State in each year from 1896 to 1905, inclusive. Since 1902 the reports of no large companies not theretofore reporting are included. The following table shows increases and decreases in the steam railroad mileage in the State during the year: The above does not include the Buffalo and Susquehanna Railway which is constructing from Wellsville to Buffalo, a distance of about 86 miles; the Erie and Jersey Railroad which is being constructed as a cut-off for the Erie Railroad from Highland Mills to Guymard in Orange county, a distance of about 42 miles; the Genesee River Railroad which is being constructed as a cut-off for the Erie Railroad from near Portage, Livingston county, to near Cuba, Allegany county, a distance of about 34 miles; nor the Lowville and Beaver River Railroad which is about finished from Lowville to Croghan in Lewis county, a distance of about ten miles. The companies in the hands of receivers are the Pittsburg, Shawmut and Northern, the Dansville and Mount Morris and the Poughkeepsie and Eastern. The average number of persons, including officials, employed by the companies during the year was 227,117; in 1904, 219,286. The average number resident of this State in 1905 was 105,041; in 1904, 101,259. The total amount paid them in 1905 was $144,448,794.43; in 1904, $140,458,496.51. The percentage of gross earnings from operation paid in salaries and wages in 1905 was 41.41. Summary of Business for the Year of Steam Surface Railroads. The reports of steam surface railroad companies for the year ending June 30, 1905, with tables compiled therefrom, will be found in the second volume of this report. Following this title will be found a table giving statistics of cost of road and equipment, earnings, etc. Following the table will be found percentages of operating expenses. |